Looking to supercharge your savings? Fixed deposits (FDs) in Singapore could be your answer, boasting some of the market's most attractive interest rates. Right now, you can snag rates with special promotions pushing even up to 2.9%

FDs help grow your savings, but with some conditions: You deposit a fixed amount for a specified tenure, and in return, you receive a guaranteed interest rate for that duration. And, of course, with higher FD rates, the account can offer better returns compared to regular savings accounts.

Our list features banks and financial institutions in Singapore that SingSaver and our partners have reviewed and that offer nationally available FDs. The selections have competitive interest rates across popular short- and long-term FD tenures.

Best Fixed Deposit Rates:

• ICBC: 2.45% p.a. for 3-month tenure.

• Maybank: 2.90% p.a. for 6-month tenure.

• SBI: 2.85% p.a. for 6-month tenure.

• Hong Leong Finance: 2.45% p.a. for 9 & 10 months.

• Bank of China: 2.45% p.a. for 3 months.

• RHB: 2.50% p.a. for 3 & 6 months.

• DBS/POSB: 2.45% p.a. for 12 months.

• CIMB: 2.45% p.a. for 3 months.

• CitiBank: 2.40% p.a. for 3 & 6 months.

• UOB: 2.30% p.a. for 6 months.

• HSBC: 2.35% p.a. for 6 months.

• Standard Chartered: 2.30% p.a. for 6 months.

• OCBC: 2.15% p.a. for 9 months.

SingSaver reviews local banks and financial institutions, highlighting those with competitive FD offerings. These FDs typically feature attractive rates across various common term lengths. A key strategy to maximise returns and manage liquidity is building an FD ladder, where you open multiple FDs with staggered maturity dates. Explore the best banks in Singapore for FDs for March 2025 below

Bank of China offers up to 2.50% p.a. interest rate with a 3-month tenure if you open an account via mobile placement and make a minimum deposit of S$500. For over-the-counter transactions, the highest you can earn is 2.40% p.a. for a 3-month placement, with a minimum deposit of S$10,000. The fixed deposit rates for BOC are updated every few months, and the rates above are based on the promotional rates listed on 24 March 2025

Personal banking: CIMB currently offers fixed deposit rates of up to 2.40% p.a. for fixed deposits with a 3-month tenure. This requires a minimum deposit of S$10,000. The promotion begins on 10 March 2025.

Preferred banking: the best interest rate for CIMB Preferred banking customers is 2.45% p.a. for fixed deposits with a 3-month placement, again with a minimum deposit amount of S$10,000.

Citibank offers various fixed deposit accounts with competitive interest rates, making them a potentially attractive option for growing your savings in Singapore.

The highest interest rate for DBS fixed deposit is 2.45% p.a. for a 12-month tenure, with a deposit of S$1,000 to S$19,999. You can check out the full DBS fixed deposit rates here.

For applicants of new placements, DBS/POSB is only accepting placements for tenures 12 months and below. This means that new applicants will still be able to enjoy the highest fixed deposit rate.

Hong Leong Finance typically offers promotional rates that usually change monthly. As of 27 March 2025, the 9-month promotional rate is 2.45% p.a. for deposits S$20,000 or more.

HSBC currently offers promotional fixed deposit rates of 2.35% p.a. for a 6-month tenure with a minimum deposit of S$200,000. The promotional rates are valid till 31 March 2025.

For fixed deposits with Maybank (online placement), the highest available interest rate offered is 2.45% p.a. for a 6-month tenure, with a minimum deposit amount of S$20,000.

However, you can enjoy up to 2.90% p.a. interest with the Deposit Bundle Promotion (placement in branch). 

If you haven't heard of Sing Investments & Finance, it's time to get acquainted with their name if you're looking to grow your cash.

They offer a competitive interest rate of 2.45% p.a. for 3-month tenures with a minimum deposit of S$10,000.

For fresh funds deposits, Standard Chartered's Priority Private banking clients enjoy the best interest rate of 2.30% p.a. for their fixed deposits with a 6-month tenure.

For the same duration, SCB priority banking customers enjoy 2.30% p.a. while personal banking customers can earn 2.20% p.a. for fresh deposits placed from 24 March to 31 March 2025. 

Regardless of your banking tier, the minimum deposit is S$25,000. If you're looking for tenures longer than nine months, Standard Chartered only offers tenures of nine months and above to existing time deposits that are on auto-rollover. It's currently not available for new placements.

For March, UOB's promotional fixed deposit rate has been revised to 2.30% p.a. for a 6-month tenure, with a minimum deposit of S$10,000. The promotional period is from 12 to 29 March 2025.

Think fixed deposits are just for your conservative relatives? Think again. They're a smart way for anyone to grow their savings with minimal risk. Here's the lowdown: you deposit a sum of money for a set period, and in return, you earn a guaranteed interest rate. While rates have been declining, there are still attractive offers available, and you don't need a fortune to get started. In fact, many banks now offer fixed deposits with starting amounts as low as S$500!

Plus, the Monetary Authority of Singapore (MAS) announced an increase in deposit insurance coverage in 2024. The coverage limit per depositor rose from S$75,000 to S$100,000, ensuring that a greater proportion of depositors are fully protected under the Deposit Insurance (DI) Scheme, administered by the Singapore Deposit Insurance Corporation (SDIC). This enhancement provides greater peace of mind for depositors, knowing their funds are better protected in the event of a bank failure.

A fixed deposit is a safe investment where you deposit a lump sum for a set period to earn fixed interest. Interest rates vary based on the amount and duration.

FDs offer stable, guaranteed returns unaffected by market changes, with minimal risk to your principal. This makes FDs a straightforward choice for secure and predictable financial growth. However, early withdrawals often incur a penalty which depends on the bank’s policy.

>> See more: Fixed Deposits and Money Market Accounts: Which Should You Choose?

When selecting a fixed deposit account in Singapore, it's essential to consider several factors to ensure the investment aligns with your financial goals and circumstances.

• Deposit tenure: Fixed deposit tenures in Singapore can range from as short as one month to several years. Shorter tenures offer more liquidity, allowing quicker access to funds, while longer tenures typically provide higher interest rates.

• Types of fixed deposits: Banks in Singapore offer various fixed deposit options, including standard fixed deposits, foreign currency deposits, and recurring fixed deposits. Choose the option that best suits your financial goals and preferences.

• Interest rates: Interest rates vary among banks and are influenced by factors such as tenure and deposit amount. Comparing rates across different banks is crucial to maximise returns. 

• Minimum deposit: The minimum deposit required to open a fixed deposit account varies by bank and can range from as low as S$500 to S$200,000 or more. Ensure that the minimum deposit aligns with your available funds.

• Withdrawal penalties: Fixed deposits are designed to be held until maturity. Withdrawing funds before the end of the tenure can result in penalties, such as reduced interest earnings or administrative fees. Therefore, it's important to understand the terms and conditions related to early withdrawal before committing to a fixed deposit.

To balance liquidity and returns in Singapore, consider an FD ladder. This involves opening multiple Fixed Deposits with staggered maturities, allowing you to access funds at intervals while earning competitive rates.

FDs are a good option when you have a lump sum of money to invest and want to earn a guaranteed return over a set period. This option is suitable for saving towards a specific goal, like a holiday or a big purchase, where you know you won't need access to the funds immediately.

FDs also generally offer higher interest rates than regular savings accounts, helping you maximise your returns.

If you’re considering investing S$10,000 in a fixed deposit account, it’s essential to understand the factors that influence the annual percentage yield and how these figures can vary.

Of course, the annual return on a fixed deposit depends on the interest rate offered by the bank, the tenure of the deposit, and whether the interest is compounded or paid out periodically. For instance, with an interest rate of 3% per annum, a S$10,000 fixed deposit held for one year would yield S$300 in interest at maturity.

While standard fixed deposit (FD) tenures such as one, three, or five years are among the most popular options, there are other types of FDs that may offer unique benefits, such as higher interest rates or greater flexibility.

• Promotional FDs: Typically feature special rates offered for a limited time. These promotions might offer higher returns compared to traditional FDs with standard tenures. However, the rates may change frequently.

• No-Penalty FDs: These FDs allow you to withdraw the full deposit amount before the maturity date without paying any penalties. However, some banks may not give the interest if deposit is withdrawn prematurely.

These options can be suitable depending on your financial goals, liquidity needs, and tolerance for monitoring promotional offers or adjusting to lower returns.

These standout promotional FD rates are based on SingSaver's latest analysis of the fixed deposit market in Singapore. Banks frequently offer promotions to specific terms and may require minimum deposits.

Keep in mind that savvy savers should always check for these deals with the bank to maximise their returns before locking in a fixed deposit.